Watch now: Lawmakers pass compromise bill on pretrial interest in Illinois personal injury cases | Local Crime & Courts
“Again, the issue this bill is addressing is a delay, denial and non-payment perspective that was suggested due to the lack of bias interest,” Rogers told the Senate Executive Committee on Wednesday.
According to the earlier version of the bill, interest would start running as soon as the sued company or person has “the infringement from the time of the incident itself or written notice,” the bill says. This would have meant that the interest would have arisen before the injured party had filed a lawsuit in court.
According to SB 72, interest would accrue as soon as the lawsuit is filed.
Harmon said the bill is not retroactive and, if signed by the governor, would go into effect on June 21.
Assuming bias interests, Illinois would join 46 other states that currently have some form of that type of interest.
Minority leader Dan McConchie, R-Hawthorn Woods, said comparing Illinois’s proposed prejudice interest to that of other states is misleading, as many other states limit the amount of total harm in personal injury and death. There are no such damage caps in Illinois.
“Additionally, this legislation increases the cost of small business owners in Illinois who are simply trying to get people back to work in our communities. The cost increases caused by President Harmon’s bill will be passed on to consumers or will force cuts in healthcare, retail products, services, and most importantly, jobs in Illinois, ”McConchie said in a written statement.